Rakuten International Commercial Bank will have its head office in Taipei and will provide electronic banking services.

Rakuten Inc (TYO:4755) has published a notice regarding the progress of setting up its Taiwanese banking business.

On May 18, 2020, Rakuten Bank, Ltd. and Rakuten Card Co., Ltd., wholly owned subsidiaries of Rakuten Inc, with IBF Financial Holdings Co., Ltd., completed the registration to establish a joint venture in Taiwan.

The new venture is named Rakuten International Commercial Bank Co., Ltd. Rakuten Bank will hold a 50% stake in the business, Rakuten Card will hold 1%, whereas IBF will have a 49% stake. The…

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